Wehypothesizethataccountingconservatism,definedastheasymmetricverifiabilityrequiredforthe recognitionofaccountinggainsversuslosses,reducesmanagerialincentivestoissueopportunistic voluntarydisclosures. Usinghandcollecteddataonvoluntarypr...[详细]
Usingpatentsgrantedtofirmsin59countriesby76patentofficestomeasureinnovation,we studytherelationbetweeninnovationandproductivitygrowthatthecountry-level.Consistent with endogenousgrowththeory, patentsforecastfaster total factor productiv...[详细]
本文根据产权理论考察产权保护对民营企业信息透明度的影响。本文选取了2003-2012年间上市时实际控制人为个人或家族的民营企业作为样本，按照产权的最初始形成方式的差异，将其划分为国有转制型与白手起家的创业型民营企业两类。本文认为，国有转制型民营企...[详细]
Weexamine theperformanceofgovernment-controlledVC firms (GVCs)relative tothe performanceofdomesticprivateVCfirms(PVCs)andforeignVCfirms(FVCs)inthe largestemergingmarketeconomy,China.Weusesuccessful/unsuccessfulexitsfromand patent applic...[详细]
Weexaminethecausalimpactoffinancialanalystsonfirms’socially responsible activities.Relying on brokerageclosuresandmergersas naturalexperimentswhich generate exogenouschangesinanalystcoverage,our Difference-in-Differencesestimator indic...[详细]